Question

Find out the current minimum wage and the current Consumer Price Index. (These were available as of July, 2013, at the websites http://www.dol.gov/dol/topic/wages/ and http://www.bls.gov/cpi/, respectively.) Determine what the minimum wage should be at the current time if it had kept pace with inflation from
a. 1950, when the CPI was 24.1 and the minimum wage was $ 0.75 an hour.
b. 1960, when the CPI was 29.6 and the minimum wage was $ 1.00 an hour.
c. 1990, when the CPI was 130.7 and the minimum wage was $ 3.80 an hour.
d. 2013, when the CPI was 183.7 and the minimum wage was $ 5.15 an hour.